Are you a small business owner? Do you manage contracts in a small business? Regardless of the position or size of the small business you are a part of, contracts are integral to your organizational processes. From client contracts to employee contracts - among many others - small business contract management KPIs can be hindered by contract non-compliance, disorganized pre-award contract processes, missed contract renewal opportunities, and more – without the proper contract management system in place. Read this blog to learn how to transform your process for streamlined, user-friend, and success-driven small business contract management.
Government contracting is divided into three stages: procurement or acquisition planning, sourcing, and post-award contract management. The first two stages have had the most focused time and financial investment for improvement. This approach leaves post-award management as a secondary duty for contract officer representatives (CORs) who are then left unsupported andpositioned for ineffective compliance, risk management, and opportunity realization. Arguably, the contract management process after acquisition and sourcing is the most crucial stage for government agencies but has notoriously been given low visibility and insufficient resources. This article will address the challenges and present an actionable post-award contract management solution.